Any display used by soldiers or mounted on vehicles or in military sites for training, simulation, or intelligence and surveillance is referred to as a military display. Displays are used by businesses like as manufacturing, the military, and others to monitor their operations and other material. These displays find their applications across land, aircraft, and naval operation. The Military Displays Market size is forecasted to grow from an estimated USD 1.1 billion in 2021 to reach USD 1.4 billion by 2026, at a CAGR of 4.9% from 2021 to 2026. The Military Displays Market is going to be driven by the effects of defense spending and the technological developments made with respect to the display.
COVID-19 impact on the Military displays Market
The impact of COVID-19 supply chains across all regions. The defense industry saw production plants being shut down and logistical activities be shut down. The program timeline of most major programs had been disrupted like temporary shutdown of the F-35 production sites in Japan and Italy in March 2020, and by April 2020, the US military officials suspended all travel, deployments, and exercises as it tried to handle situation. Though programs were able to recover, often in a matter of months, nearly USD 5 billion in federal aids and efforts to push money to suppliers were spent. The industries in US spent around USD 10 billion to restructure production lines and build infrastructure for remote working. Small industries have all been drastically impacted by the pandemic with 1 in 7 companies expected to not be able to reach pre-pandemic levels. Most key players in the military displays market like Lockheed Martin, Raytheon Technologies and BAE systems have declared that business has largely be returned to normal but acknowledged the impact of cost and schedules on most programs.
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Based on end market, the land segment of the military displays market is projected to grow at the highest CAGR is expected to account for the largest market share during the forecasted period.
This growth is attributed to increase in demand for higher resolution displays at headquarters and command center. Military and other industries use displays for monitoring their operations, identifying enemies, and many other tactical operations. Displays are expected to handle data fast and effectively, be elegant and small, and operate smoothly in a hostile environment. The growing defense sector, along with the high defense budgets of countries such as the US, China, and Saudi Arabia, are some of the key factors driving the Military displays market worldwide
Based on Technology LCD makes the largest share of the market during the forecasted year.
The requirement for the LCD display module is increasing because of expanded assembling of electronic items such avionics cockpit shows, PC screens, LCD TVs, indoor and open air signs, and instrument boards. The structure of these military LCD panels uses high-strength components that can improve performance at high temperatures, shock-absorbing technology that prevents vibrations and shocks, and non-corrosive materials that can resist the effects of moisture and salt.
“North America is projected to grow at the highest CAGR during the forecast period.”
The market in North America is estimated to record a CAGR of 5.7% during the forecast period. This market is led by the US, which is increasingly investing in the Military displays to maintain its combat superiority and displays for monitoring their operations, identifying enemies, and many other tactical options. The US plans to increase its spending on the Military displays to gain a competitive edge over other country
This region is expected to lead the market from 2021 to 2026, owing to increased investments and the adoption of advanced multifunctional displays in military technologies by countries in this region. The presence of prominent manufacturers and integrators of these military displays, including Lockheed Martin (US), Northrop Grumman (US), L3Harris Technologies, Inc. (US), and Raytheon Technologies (US), is also expected drive the market in the region over the forecast period.
Key Market Players
Major players operating in the Military Displays Market include Raytheon Technologies (US), Lockheed Martin Corporation (US), Elbit Systems (Israel), Bae Systems (US). These key players offers Military Display products and strong distribution networks across North America, Europe, Asia Pacific, Middle East and Latin America.
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